Friday, 6 June 2014

Mr Market awaiting the jobs data

With the ECB announcement out of the way, the market is now turning its attention to the monthly jobs data. Barring a number <150k, the market has a fair chance to push into the sp'1950s, but from there, it will be getting over-stretched. An intra-day reversal will be a real threat.



*please don't get overly fixated on the wave-count, but I thought I'd post up this count/scenario. It would bode for a key top in either mid June...or mid July.

The weekly charts are looking powerfully bullish, and we look set to close the week with yet another green candle. Underlying MACD (green bar histogram) is now positive cycle for a second week, and we look set to push broadly higher for another week or two.

Looking ahead

Tomorrow is the 70th anniversary of D-Day, and without question, that will be on the minds of many.

Aside from that aspect of remembrance, the market is expecting net monthly job gains of 213k, with a fractionally higher headline jobless rate of 6.4%.

Certainly, the market should be able to rally on any number >180/200k.

Goodnight from London